Bank of Canada: Replacing results post publishing?
The Bank of Canada released a paper yesterday titled "Mortgage stress tests and household financial resilience under monetary policy tightening." I was slow to download the document, but this morning, it came with a surprise. Tables 2 and 3, which I remember carried empirical results from the econometric models, have been replaced with qualitative coloured images. Secondly, the paper is available in HTML format only.
My two requests.
The revised Table 3 is presented below. It does not have numbers, so it is essentially not a table but a figure.
From my economic research desk: Kudos for calling BoC out. Important regardless of motivation. More attention needs to be paid to the accuracy and consistent presentation of data published. 'Transparency is key" should be a theme for all government data, BoC data is not the only data source that are presented inconsistently and can move markets. Statistics Canada population forecasts are opaque. Immigration Canada's October 2024 Immigration Levels announcement forecasting a 2025 and 2026 population decline is leading some forecasters to project economic decline. But do we know the assumptions that forecast is based on? Are they plausible? (No!) Will the BoC agree with that forecast?
Aspiring Project Manager | Digital Twins
3 周Classic deception tactic. Citing any revisions is a standard practice but not for the government I guess. There needs to be someone who can bring some accountability.
Expert Construction Safety Manager | Reducing Risks, Ensuring Compliance, & Enhancing Project Efficiency | Dedicated to Creating Safe Work Environments
3 周That is an unfortunate erosion of standards with respect to document control.
Professor, McGill School of Urban Planning
3 周Yes, this is a very important point. The disappearance / alteration of web-based information is especially problematic in cases where people and companies are expected to rely on that information, or where the information carries legal consequences. The absence of clear and well-policed standards for the issue and revision of authoritative documents is a problem faced by analysts, but also be anybody who has tried to rely on web-based documents within an organization or in order to find out about consumer rights.
Executive Director, Canadian Open Data Society
3 周This is the last institution I would expect or want to be conducting themselves in this manner.